NI farmer owned co-op Fane Valley has reported significant increases in profits for the year to 30 September 2021.
The co-op, which has a diverse range of business interests from animal feed, to farm supply shops and oat processing (Whites), also added Monaghan-based duck processor Silver Hill Foods to its portfolio in 2019.
In its last financial year, turnover across the Fane Valley group of companies was up 10% to £209.9m, with operating profit up 25% to £13,05m, leaving a healthy operating profit margin of 6.2%.
However, these operating profits do not include the Fane Valley share of the joint venture with ABP Food Group in Linden Foods, Slaney Foods and Irish Country Meats (ICM), and the share the co-op held in animal rendering company, Linergy.
For the year ending 30 September 2021, these business interests added £6.47m (£3.82m in 2020) in profits, leaving Fane Valley profit before tax up 32% to stand at £18.8m. In October 2021, Fane Valley completed the sale of its 50% share in Linden, Slaney and ICM to ABP.
With the accounts to the end of September showing it already had £20m of cash in the business and net assets of over £124m, Fane Valley is in a strong position to invest in the future.